At the beginning of the new year, it’s a good idea to take stock in your business see what you’ve done well, and what can be improved on. Make a plan and make adjustments. Give your business every opportunity to grow to its fullest potential. Also, its a great time to review your existing documents and contracts to keep them up-to-date an ensure they are current. Lastly, I’ve included some ideas to save you some money in the upcoming year.
Business plans are great if they are relevant and provide an overall strategy for your company. If it’s been a few years and your current business plan is out dated; now’s a good time to revisit it. Personally, I’m a big fan of the one-page business plan. I like to keep things simple. I have one page quarterly business plans, as well. Keeping my business plan on a single page keeps me focused, and allows me to easily track my company’s successes. I’d be happy to send you my one page business plan template, email me. I’ll send you it to you with instructions.
Likewise, a marketing plan is just as important. Once again I like to keep things simple, and have found a great book that I recommend. It’s The 1-Page Marketing Plan by Allan Dib. An easy read, which dives deeply on the different cycles of your business. Highly recommended.
The end of year is a great time to review your existing contracts and lease agreements. Make sure they are relevant and up to date. Check the language and make sure you understand them. Make edits if necessary.
Also, if your selling a product or brand consider protecting your intellectual property with copyrights and trademarks. Your intellectual property is an asset, protecting it, can increase the net worth of your business.
If your business is an LLC review and if necessary update your Manager’s Agreement(s). If you’re business is a single member llc consider signing a manager’s agreement with your company. This document may help if someone sues your business, and tries to go after your personal assets.
If you haven’t already done so, establish and document COVID-19 safety protocols and procedures. As you know, things aren’t going back to before the pandemic at the flip of a switch. You’ll still need safety protocols for several months. Have these in writing and documented. If someone gets COVID and blames your business, you’ll have evidence you’ve taken reasonable and recommended measures to mitigate the spread
Review and renew professional, operating, sales, and tax licenses and permits. I know in these times days, weeks, and months can seem like a monotonous blur, and sometimes we let things slide. Don’t let your licenses or permits lapse.
Lastly, if you haven’t done so, now’s a good time to have your annual meeting. Most of the time the terms and conditions for having your annual meeting is defined in the operating agreement.
If you don’t have an operating agreement, think about getting one for your business this year. If you downloaded your operating agreement, and barely edited it; read through it, and see if it makes sense to your business operations. The same goes if you had it drafted for you.
Insurance rates can vary from location to location and year to year, save some money and review your insurance and compare rates with other carriers. Also, check with your insurance carrier about COVID-19 liability protection.
If you’re business is an LLC consult with a CPA about making an S-Corp election. Caveat: Just because you can doesn’t always mean you should. If your business is scalable, you may lose opportunities (and money) down the road if you make the S-Corp election.
Additionally, seek out the better bank rates for credit cards, lines of credit, and loans.
Finally, if your business is a single member LLC you may want to amend or update your limited power of attorney. If you don’t have one, consider this document to have a friend or loved one manage your business finances should you become incapacitate.
This article is for educational purposes only, and does not constitute legal advice about your case or situation. There may be exceptions to the information outlined above. Please consult an attorney if you have specific questions about your business.Follow me on social media: